Security solutions like encryption, tokenization, PINs, passwords and CVVs provide debit card fraud protection, but no system is infallible. Consumers and merchants alike must do their part to minimize the risk of debit card fraud. PCI compliance, in the case of merchants, and keeping card information private, in the case of consumers, are important in mitigating loss.
Debit card fraud is varied. Cybercriminals may use phishing techniques by phone, email or text to lure consumers into providing their card numbers, PINs and passwords. Or in-person scams like skimming, where a modified PIN pad or ATM collects card information, can allow criminals to create fake cards they then use to make purchases or cash withdrawals.
M&T has extensive security measures in place to protect its cardholders and merchants. We can help your business with card terminals, POS software, payment gateways and virtual terminals that are designed for debit card fraud detection.